President Obama's speech was feared to be a big bad event for Wall Street, but now "people can start buying," said Cramer, even defense stocks, which are down on the President's remarks about defense budget cuts.

On the perception that oil has finished rising, casino stocks are doing well and might be getting ahead of themselves. There was good news about MGM (MGM) in Macau, and Wynn Resorts (WYNN) and Las Vegas Sands (LVS) might also see some gains. Similarly, Ralph Lauren's (RL) stock is looking attractive to hedge funds now that people think the commodity boom has abated. Cramer doesn't think these small gains are enough. To bring the market up, banks and tech also need to rally.

Investors are now so negative about tech that they don't recognize good news in the sector when they hear it. On a pre-announcement of a better-than-expected quarter, Riverbed (RVBD) declined and then rose only a dollar. The negative feeling on TheStreet is keeping good tech stocks from going higher.